Description: This course provides a basic overview and in-depth look at Joint Interest Audit Accounting procedures and processes (excludes Revenue and Payout). This course will provide accountants and other petroleum players with an understanding of the necessary functions and operations for Joint Interest Auditing. Ideally individuals will have prior training courses related to Joint Interest Accounting and Operations or comparable industry experience, including a competency understanding key provisions in a COPAS model form accounting procedure.

This course covers the following topics:

Audit rights

Principles of defining an audit

Roles & Responsibilities

Confidentiality Agreement

Audit preparation throughout the Audit - Auditor

Activities & Communications protocol

Balloting

JADE Analysis

Well Activity Summary

Rules of Engagement & Response Guidelines

Audit Preparation

Activities, Communication & Requests

JADE

Checklists

COPAS Publication References on the Audit Trail

Analyze appropriate COPAS Publications

Key audit focus areas

Auditing Tools and tips of the Trade

COPAS Model Form Accounting to Evaluate Direct Costs

Labor, Overhead, Source, and Service Provisions

Evaluate Drilling Contracts

Practical side of Reconciliations

Reconciliations

Well Drilling

Overhead Data

Available Data

Surface Lease Equipment

Objectives: Upon completion of the course, you will be able to:

Demonstrate an ability to conduct a joint interest audit

Apply principles of contract interpretations and be prepared to justify position for audit exceptions submitted

Recognize the contractual basis for the audit function

Determine the best tools to utilize for your contract compliance review needs

Council of Petroleum Accountants Societies (COPAS), Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.